The Scammers are Getting Cleverer!

[3kpk3]

Completely true. Scammers and hackers will always exist in the cryptocurrency world and they will always come up with ways to prey on innocent individuals and steal their hard earned funds in creative ways like the one you stated above op. There are many pump and dump groups in this market luring investors in devious ways which is why we need to always stay cautious and never invest in anything without proper research. Newbies especially need to be extra careful.

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[gigusico]

everyone is looking for ways to develop and scammers are also no exception, but investors also do not fool with time

[unusualfacts30]

A while back I stumbled across some information online about a tech company using blockchain in a way that was revolutionising the consumer electronics market. As someone who takes an interest in new and exciting developments in the crypto space I looked into the project. At the time there was a massive marketing hype about this particular coin. It was not an ICO but a coin that had been around for some time but with negligible value (ie. even a sizable holding of coins was worth just a few cents). During the next few weeks the hype grew, although the price didn't move much. I decided the time was right to invest and, given how amazing the project sounded, actually invested a significant sum of money.

A few days later the coin got a listing on an exchange. The price actually shot up. When I looked it was up by around 3,000% from the average price it had been in previous months. My investment was worth about twenty times the amount I invested. I believed I had made a great investment. The price started dropping about four or five days later, but by small amounts at a time. I didn't pay much attention. I knew that the market was overpriced anyway and that prices were due for some downward movement. The price drops were more or less inline with the price of major cryptos anyway.

I decided that my strategy was a long term investment and forced myself to stop looking at the prices of my investment every day. I looked again last Friday. I was horrified. The price was back to almost zero and the value of my investment was about 2% of the amount I invested. The withdrawal fees would be more than the actual investment itself. What on earth was going on I asked myself. I spent the weekend digging around to try and find out. It seems that the whole thing was a scam, and a very clever one at that. The initial price rises on hitting the exchange were manipulated by the team behind the coin. They used the hype that they manufactured to build the interest which in turn produced the hype. It was very cleverly done.

As the team themselves held a significant amount of the coins, from their ICO that they had done much earlier, I think it was a year earlier, they then took advantage of the price, dumped their coins, but did so in a way so as not to raise any suspicions, and made an absolute fortune from this. People who invested during the hype, like myself, essentially created the opportunity for the team to cash in using money invested by people like me. They have now vanished. The coin is no longer trading, is worth zero, and I am left with nothing.

It's so easy to be fooled by a team whose aim is not to produce a blockchain-related product or service, but rather, create the conditions to create wealth for themselves by conning other people out of their money on the basis of fake promises that they have no intention to realise. I am not going to be able to say which coin this is, although a few people in the community may know or be able to guess, because there may be legal action going on and I don't want to be party to jeopordise it. Having said that, even if there were to be any form of legal recourse we all know it is highly unlikely that it will be successful.

Sometimes, despite all one's due dilligence, even the most careful of investors will get scammed from time to time. I'm not sure if there's anything I would, or could, have done differently, but I am nevertheless putting the whole episode down to a very bad experience that has simply led me to make a substantial loss. I will continue to be involved in the space and will continue to do the fullest amount of due dilligence, but on the understanding that scammers really are getting cleverer!

Why did you go against the market when you knew it was going downward? You never win if you fight with the market and if price goes down by that much it's a telltale sign that you need to exit the market, specially when it comes to new coins that no one is familiar with. What was the name of the coin if you don't mind sharing?

[Beehives]

You know what. Scammers are aleays clever. You cannot scam people if you are not. Thst’s we need to be clever too to avoid such people. Always think of your safety before doing anything. Even your friends can scam you either.

[fabskie21]

Nowadays, we have to be extra careful and clever in choosing the coins to invest. Best thing to do also is to monitor the price trend to see any indication of a massive dump and check out any update about their project especially in their telegram group. By the way, what's the name of the coin? Similar fate that happened with Centra.

[airdropcoin]

I think that the IQ of fraudsters is very high, so newcomers are not advised to participate in ICO. It's normal for you to be deceived. I think ICO is gambling. Because you can't monitor team work.

[jekanmasin]

that why peoples in here always say most of icos are shit. they not gonna live even for a year. that why you need to search more carefully with this icos. i dont really trust at icos cause most of icos i see will be death after their tokensale are release. better than sorry i would buy token after their sale or sale fast after i earn some profit.

[DevelopmentBank]

Sometimes, despite all one's due dilligence, even the most careful of investors will get scammed from time to time. I'm not sure if there's anything I would, or could, have done differently, but I am nevertheless putting the whole episode down to a very bad experience that has simply led me to make a substantial loss. I will continue to be involved in the space and will continue to do the fullest amount of due dilligence, but on the understanding that scammers really are getting cleverer!

There is no such word as "cleverER," it's simply "clever."

In any case, i completely agree with you though. I believe that even the most intelligent analyst or blockchain researcher can easily be scammed by a well-planned and executed scam project. It's amazing to sometimes see how much thought and effort these scammers put into their projects which could have instead been put to good use. I pray that these scammers instead channel their efforts and energies into doing something good.

[FrueGreads]

I would also like to know what was the project and the team developing it. Of course they are probably hiding their identity, but in case they aren't, it would be good to know so that we could stay away from other projects from them.

I also didn't understand why you didn't sell after getting your profits 20x higher than your investment. You said it yourself that you knew the coin was overpriced at that time, so it would make perfect sense to sell some coins. You could just protect your investment, so that you wouldn't lose any money, or maybe even get some good profit from it, and keeping the rest for the long term.

[Juxiaolong]

Marketing strategy has always been the key to affecting coin prices. There are too many speculators in the market. Due to the existence of these speculators, new scams will continue to emerge. The purpose of everyone is very simple. For profit, if you can become an early participant, you are likely to make money. If you only participate after the price has risen many times, you are likely to lose everything.

[imToken]

I think novices should thank you for your reminders. It's true that fraudsters are getting smarter now. So I didn't participate in ICO this year, perhaps because I have no courage. I prefer to invest in coins.

[Kazkar]

They add work experience. There are always people who think not standardly. They take already checked up options and finalize them. Often they try something new.

[chillitabit]

A while back I stumbled across some information online about a tech company using blockchain in a way that was revolutionising the consumer electronics market. As someone who takes an interest in new and exciting developments in the crypto space I looked into the project. At the time there was a massive marketing hype about this particular coin. It was not an ICO but a coin that had been around for some time but with negligible value (ie. even a sizable holding of coins was worth just a few cents). During the next few weeks the hype grew, although the price didn't move much. I decided the time was right to invest and, given how amazing the project sounded, actually invested a significant sum of money.

A few days later the coin got a listing on an exchange. The price actually shot up. When I looked it was up by around 3,000% from the average price it had been in previous months. My investment was worth about twenty times the amount I invested. I believed I had made a great investment. The price started dropping about four or five days later, but by small amounts at a time. I didn't pay much attention. I knew that the market was overpriced anyway and that prices were due for some downward movement. The price drops were more or less inline with the price of major cryptos anyway.

I decided that my strategy was a long term investment and forced myself to stop looking at the prices of my investment every day. I looked again last Friday. I was horrified. The price was back to almost zero and the value of my investment was about 2% of the amount I invested. The withdrawal fees would be more than the actual investment itself. What on earth was going on I asked myself. I spent the weekend digging around to try and find out. It seems that the whole thing was a scam, and a very clever one at that. The initial price rises on hitting the exchange were manipulated by the team behind the coin. They used the hype that they manufactured to build the interest which in turn produced the hype. It was very cleverly done.

As the team themselves held a significant amount of the coins, from their ICO that they had done much earlier, I think it was a year earlier, they then took advantage of the price, dumped their coins, but did so in a way so as not to raise any suspicions, and made an absolute fortune from this. People who invested during the hype, like myself, essentially created the opportunity for the team to cash in using money invested by people like me. They have now vanished. The coin is no longer trading, is worth zero, and I am left with nothing.

It's so easy to be fooled by a team whose aim is not to produce a blockchain-related product or service, but rather, create the conditions to create wealth for themselves by conning other people out of their money on the basis of fake promises that they have no intention to realise. I am not going to be able to say which coin this is, although a few people in the community may know or be able to guess, because there may be legal action going on and I don't want to be party to jeopordise it. Having said that, even if there were to be any form of legal recourse we all know it is highly unlikely that it will be successful.

Sometimes, despite all one's due dilligence, even the most careful of investors will get scammed from time to time. I'm not sure if there's anything I would, or could, have done differently, but I am nevertheless putting the whole episode down to a very bad experience that has simply led me to make a substantial loss. I will continue to be involved in the space and will continue to do the fullest amount of due dilligence, but on the understanding that scammers really are getting cleverer!

I'm sorry you lost money. This is truly the model that happens with many ICOs and it's very difficult to predict. The only thing is just to research the team as much as you can, but that also doesn't need to be enough sometimes..

[kolpher001]

true story. day by day they are become smarter. investors cant identify whether this project is a scam or not because the do every possible things to hide their scam icos and projects. i personally have experiance of the project Benebit as i remember.